WTI stays below $47.00 amid a mixed play of key catalysts
Friday, 28 February 2020 09:27 WIB | ENERGY |Minyak WTI

WTI bears dominate near $46.60, down 0.30%, during the early trading session on Friday. The black gold dropped to the lowest since early-January 2019 the previous day amid fears that coronavirus (COVID-19) will weigh on the global energy demand. However, the escalation of Turkey-Syria tension and Saudi Arabia™s push for more production cuts are likely to offer the latest pullback moves.

Coronavirus has been the key pandemic weighing over the global trading sentiment off-late. The increase in cases from South Korea and Italy were the initial triggers while the latest first-ones in the list, including the US, propelled the risk-off afterward.

Oil traders will now keep eyes on the Coronavirus updates for near-term direction while the US Baker Hughes Rig Counts, prior 679, can also offer intermediate moves.

Technical Analysis

A sustained downside below the recent bottom of surrounding $45.95 can fetch the energy benchmark towards $44.50 ahead of highlighting 2018 low close to $42.00.

Source: FXstreet

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